Governing the business responsibly
Business management and governance
The first and biggest responsibility for a company such as Snam, which has been operating in a regulated environment for many years and which aims to expand its business sustainably while also moving into international markets, is to pursue its corporate mission by managing its business economically and with solid ethical principles, balancing the expectations of its shareholders against those of parties with a legitimate interest in the Company’s activities and more generally in the proper operation of the “gas system”.
Snam has been tuned into this sensitive area since it was floated on the stock exchange in 2001. At that time it began to adapt its governance systems according to the principles set out in the “Corporate Governance Code for Listed Companies” issued by Borsa Italiana, and the recommendations made by Consob in this regard. More generally, it has sought to align itself with national and international best practice in this area, with a particular focus on the unbundling legislation, as it manages activities that are subject to the regulations of competent national authorities and European natural gas legislation.
Our ethical principles and corporate values: Code of Ethics
The Code of Ethics sets out Snam’s culture of corporate ethics and inspires its strategic thinking and the way it carries out its activities. Among other things, it specifically stipulates the following principles and values:
- transparency, honesty, propriety and good faith with regard to full compliance with the rules put in place to protect competition;
- involving stakeholders, fostering dialogue on sustainability and corporate responsibility;
- creating competitive value for the Company, for its stakeholders and for the region in which it operates;
- safeguarding and promoting human rights;
- individual freedom in every form, and rejecting all kinds of discrimination, violence, corruption (in any form and regarding any public or private party), and forced or child labour;
- recognising and safeguarding dignity, liberty and equality among human beings;
- protecting employment, freedom of trade union association, health, safety, the environment and biodiversity.
The Board of Directors has assigned the role of Code of Ethics Supervisor to the Watch Structure, established pursuant to Legislative Decree 231/2001.
The corporate governance system defines the body of rules that govern and guide the management and control of the Company.
Internal control and risk management
The internal audit and risk management system comprises the body of rules, procedures and organisational structures aimed at managing the main business risks.
Snam and its subsidiaries have adopted the organisation, management and control model pursuant to Legislative Decree 231/01 and established their own Watch Structure.
These formalise and govern the business processes by defining roles, duties, responsibilities and coordination activities.